McKesson Co. (NYSE:MCK) Shares Sold by Western Wealth Management LLC

Western Wealth Management LLC cut its holdings in McKesson Co. (NYSE:MCK) by 21.2% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,843 shares of the company’s stock after selling 765 shares during the quarter. Western Wealth Management LLC’s holdings in McKesson were worth $1,660,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Sachetta LLC purchased a new stake in shares of McKesson during the fourth quarter valued at $27,000. LRI Investments LLC purchased a new position in shares of McKesson during the first quarter valued at $28,000. Register Financial Advisors LLC purchased a new position in McKesson during the 1st quarter valued at about $29,000. Richardson Financial Services Inc. acquired a new position in shares of McKesson in the 4th quarter valued at about $31,000. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of McKesson by 333.3% during the first quarter. Newbridge Financial Services Group Inc. now owns 65 shares of the company’s stock worth $35,000 after purchasing an additional 50 shares during the period. 85.07% of the stock is currently owned by institutional investors.

Insider Activity

In other McKesson news, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $574.41, for a total value of $2,155,760.73. Following the sale, the chief executive officer now directly owns 89,845 shares in the company, valued at $51,607,866.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other McKesson news, EVP Leann B. Smith sold 600 shares of McKesson stock in a transaction that occurred on Tuesday, June 11th. The shares were sold at an average price of $585.53, for a total value of $351,318.00. Following the transaction, the executive vice president now owns 2,022 shares of the company’s stock, valued at $1,183,941.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Brian S. Tyler sold 3,753 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $574.41, for a total transaction of $2,155,760.73. Following the sale, the chief executive officer now directly owns 89,845 shares of the company’s stock, valued at approximately $51,607,866.45. The disclosure for this sale can be found here. Insiders sold a total of 32,713 shares of company stock valued at $18,702,605 in the last ninety days. 0.11% of the stock is owned by insiders.

Analyst Ratings Changes

MCK has been the subject of a number of research reports. Bank of America lifted their price objective on McKesson from $590.00 to $670.00 and gave the company a “buy” rating in a research report on Tuesday, June 25th. Evercore ISI dropped their price objective on McKesson from $660.00 to $630.00 and set an “outperform” rating on the stock in a report on Thursday, August 8th. Barclays lifted their target price on shares of McKesson from $596.00 to $616.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. StockNews.com lowered shares of McKesson from a “strong-buy” rating to a “buy” rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company increased their target price on shares of McKesson from $502.00 to $551.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 9th. Two research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, McKesson currently has a consensus rating of “Moderate Buy” and an average price target of $609.79.

McKesson Stock Performance

Shares of NYSE:MCK traded up $1.57 during midday trading on Monday, reaching $549.28. 69,568 shares of the company’s stock were exchanged, compared to its average volume of 741,160. The firm has a market capitalization of $71.37 billion, a PE ratio of 24.47, a price-to-earnings-growth ratio of 1.46 and a beta of 0.45. McKesson Co. has a 12 month low of $404.72 and a 12 month high of $637.51. The company’s 50 day simple moving average is $588.43 and its two-hundred day simple moving average is $553.16.

McKesson (NYSE:MCK) last released its quarterly earnings results on Wednesday, August 7th. The company reported $7.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.21 by $0.67. The business had revenue of $79.28 billion during the quarter, compared to analysts’ expectations of $82.53 billion. McKesson had a negative return on equity of 245.88% and a net margin of 0.97%. The firm’s revenue for the quarter was up 6.4% compared to the same quarter last year. During the same period in the previous year, the business posted $7.27 earnings per share. On average, research analysts anticipate that McKesson Co. will post 31.68 earnings per share for the current year.

McKesson Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 2nd will be given a dividend of $0.71 per share. This is a positive change from McKesson’s previous quarterly dividend of $0.62. This represents a $2.84 annualized dividend and a dividend yield of 0.52%. The ex-dividend date is Friday, August 30th. McKesson’s payout ratio is presently 12.69%.

About McKesson

McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, Prescription Technology Solutions (RxTS), Medical-Surgical Solutions, and International. The U.S. Pharmaceutical segment distributes branded, generic, specialty, biosimilar and over-the-counter pharmaceutical drugs, and other healthcare-related products.